American investment firm Cambridge Associates has reportedly applied for a number of licences to operate in Hong Kong.
The move comes a few months after the firm divulged plans to establish its presence in Hong Kong to accelerate its business growth in the Asian region.
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Cambridge, which oversees more than $38bn in assets, already has offices in Singapore and Beijing, led by its Asia regional head Aaron Costello.
The move to establish a financial hub in Hong Kong is part of the firm’s strategy to tap wealthy clients in the Greater Bay Area, South China Morning Post reported citing a Cambridge Associates senior executive.
Cambridge head of global private client practice Mary Pang said in a phone interview with the Post that the firm’s expansion to Hong Kong will enable it to ‘capture the growing opportunities in the development of the Greater Bay Area’.
“While travel restrictions remain in Hong Kong, it does not affect our expansion plan in the city, as we are taking a very long-term view to develop in the city,” Pang was quoted as saying.
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By GlobalDataPang also said that the firm is yet to decide on the timing of the office opening as it awaits regulatory approval.
In February this year, Cambridge hired Edwina Ho as the senior director of business development for Asia and relocated Pang as part of strengthening its focus on the region.
Pang, formerly based in San Francisco, was relocated to Singapore.
Cambridge provides a range of services, including outsourced CIO, non-discretionary portfolio management, staff extension and alternative asset class mandates.
It serves more than 230 wealthy individuals and families around the world.
In June last year, Cambridge set up an office in Munich, Germany, marking its second location in Europe.
